All your security questions answered.
Backup Wallet allows you to access your assets in the instance that you lose your seed phrase, private keys, forget your password, or for some other reason get locked out of your main wallet. Working in conjunction with our Panic Button. Once activated, the Panic Button evacuates your assets directly into a backup wallet (custodial or non-custodial) of your choosing.
Backup Wallet is a smart contract that utilizes pre-approvals. You pre-approve the asset to be transferred to your backup wallet given a certain condition (i.e. loss of access). Only your backup wallet address is able to recover the assets, and no assets are staked, transferred, or locked up in any way.
Firstly, we are so sorry you've been hacked - but we are glad you're taking steps to protect yourself. Start with Wallet Watch, which is free to use and will allow you to track all inbound and outbound activity from one wallet.
Then, be sure to subscribe to our Backup Wallet and Panic Button, which allow you to immediately move assets to a safe and secure place in the event you get hacked again.
- Mempool: a list of pending transactions waiting to be validated from a node (computer) before it is committed to a block on the blockchain. A mempool alert indicates to the user that a transaction is waiting to be validated
- Webhook: automated messages sent from apps when something happens to a unique URL—essentially the app's phone number or address.
- Pre-Approvals: a pre-approval is a mechanism that allows a user to grant permission for a specific action or set of actions to be executed automatically by a smart contract at a later time. This is achieved through the use of digital signatures and cryptographic keys.